Xunlei Limited

A durable moat is what lets a winner keep compounding after the crowd arrives. We look for switching costs, network effects, scale advantages, or a brand customers actively prefer.

Runway is how far growth can run before the market saturates. The largest multibaggers are still small against the market they are growing into.

The growth engine is the repeatable motion that turns spend into durable revenue, through new customers, new products, or pricing power that compounds over time.

Healthy financials mean growth that increasingly funds itself, with improving margins, real free cash flow, and returns on capital that justify reinvesting in more of it.

Management is judged on capital allocation and per-share discipline: operators who compound value for owners rather than dilute it away chasing headline growth.

Every candidate carries risks, from competition and regulation to customer concentration, that could break the thesis before the compounding has time to play out.